Index fund - Knowledge (XXG)

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or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing. Some index providers announce changes of the companies in their index before the change date whilst other index providers do not make such announcements.

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ETFs received $ 1 trillion in new net cash, including reinvested dividends. Index-based domestic equity ETFs have grown particularly quickly, attracting almost twice the flows of index domestic equity mutual funds since 2007. In contrast, actively managed domestic equity mutual funds experienced a net outflow of $ 659 billion, including reinvested dividends, from 2007 to 2014. Passively managed funds, such as index funds, consistently overperform actively managed funds. Investors

444:. Enhanced index funds employ a variety of enhancement techniques, including customized indexes (instead of relying on commercial indexes), trading strategies, exclusion rules, and timing strategies. The cost advantage of indexing could be reduced or eliminated by employing active management. Enhanced indexing strategies help in offsetting the proportion of tracking error that would come from expenses and transaction costs. These enhancement strategies can be: 773: 3213: 3221: 2505: 148:

noticed, fund spokesmen are quick to point out "You can't buy the averages." It's time the public could. ...there is no greater service could provide than to sponsor such a fund and run it on a nonprofit basis.... Such a fund is much needed, and if the New York Stock Exchange (which, incidentally has considered such a fund) is unwilling to do it, I hope some other institution will.

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structure than traditional passive sampling, synthetic indexing can result in more favourable tax treatment, particularly for international investors who are subject to U.S. dividend withholding taxes. The bond portion can hold higher yielding instruments, with a trade-off of corresponding higher risk, a technique referred to as enhanced indexing.

46:(ETF) designed to follow certain preset rules so that it can replicate the performance ("track") of a specified basket of underlying investments. While index providers often emphasize that they are for-profit organizations, index providers have the ability to act as "reluctant regulators" when determining which companies are suitable for an index. 294:. This is not to say that a stock picker cannot achieve a superior return, just that the excess return will on average not exceed the costs of winning it (including salaries, information costs, and trading costs). The conclusion is that most investors would be better off buying a cheap index fund. Note that return refers to the 562:

all have advanced access to the index re-balancing information, and spend large sums on fast technology to compete against each other to be the first—often by a few microseconds—to make these arbitrages. Losses to arbitrageurs appear as "tracking error", the difference between the performance of the

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Because the composition of a target index is a known quantity, relative to actively managed funds, it costs less to run an index fund. Typically expense ratios of an index fund range from 0.10% for U.S. Large Company Indexes to 0.70% for Emerging Market Indexes. The expense ratio of the average large

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The main advantage of index funds for investors is they don't require much time to manage as the investors don't have to spend time analyzing various stocks or stock portfolios. Most investors also find it difficult to beat the performance of the S&P 500 Index. Some legal scholars have previously

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countries. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability

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Some advocate adopting a strategy of investing in every security in the world in proportion to its market capitalization, generally by investing in a collection of ETFs in proportion to their home country market capitalization. A global indexing strategy may have lower variance in returns than one

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refers to the number of different securities in a fund. A fund with more securities is said to be better diversified than a fund with smaller number of securities. Owning many securities reduces volatility by decreasing the impact of large price swings above or below the average return in a single

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Since index funds aim to match market returns, both under- and over-performance compared to the market is considered a "tracking error". For example, an inefficient index fund may generate a positive tracking error in a falling market by holding too much cash, which holds its value compared to the

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index. According to theory, a company should not be worth more when it is in an index. But due to supply and demand, a company being added can have a demand shock, and a company being deleted can have a supply shock, and this will change the price. This does not show up in tracking error since the

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As of 2014, index funds made up 20.2% of equity mutual fund assets in the US. Index domestic equity mutual funds and index-based exchange-traded funds (ETFs), have benefited from a trend towards more index-oriented investment products. From 2007 through 2014, index domestic equity mutual funds and

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US citizens/taxpayers living at home or abroad should particularly consider whether their investment in an ex-US fund (meaning the fund is administered by a foreign investment company) not providing annual 1099 forms (which report distributed income and capital gains/losses) or annual PFIC annual

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and other classes of investable assets to match the investor's risk capacity, which includes attitude towards risk, net income, net worth, knowledge about investing concepts, and time horizon. Index funds capture asset classes in a low-cost and tax-efficient manner and are used to design balanced

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Synthetic indexing is a modern technique of using a combination of equity index futures contracts and investments in low-risk bonds to replicate the performance of a similar overall investment in the equities making up the index. Although maintaining the future position has a slightly higher cost

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and stock analysts are constantly looking for securities that may out-perform the market; and that this competition is so effective that any new information about the fortune of a company will rapidly be incorporated into stock prices. It is postulated therefore that it is very difficult to tell

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In the United States, mutual funds price their assets by their current value every business day, usually at 4:00 p.m. Eastern time, when the New York Stock Exchange closes for the day. Index ETFs, in contrast, are priced during normal trading hours, usually 9:30 a.m. to 4:00 p.m.

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generally gives the advantage of much lower fees compared to actively managed mutual funds and, in taxable accounts, lower taxes. In addition it is usually impossible to precisely mirror the index as the models for sampling and mirroring, by their nature, cannot be 100% accurate. The difference

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says that the resulting "poor investor returns" from trading ahead of mutual funds is "the elephant in the room" that "shockingly, people are not talking about." Related "time zone arbitrage" against mutual funds and their underlying securities traded on overseas markets is likely "damaging to

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in the index, in the same proportions as the index. Other methods include statistically sampling the market and holding "representative" securities. Many index funds rely on a computer model with little or no human input in the decision as to which securities are purchased or sold and are thus

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to be the simple statement that security prices fully reflect all available information." A precondition for this "strong version" of the hypothesis is that information and trading costs, the costs of getting prices to reflect information, are always 0. A weaker and economically more sensible

199:. It started with comparatively meager assets of $ 11 million but crossed the $ 100 billion milestone in November 1999; this astonishing increase was funded by the market's increasing willingness to invest in such a product. Bogle predicted in January 1992 that it would very likely surpass the 147:

What we need is a no-load, minimum management-fee mutual fund that simply buys the hundreds of stocks making up the broad stock-market averages and does no trading from security to security in an attempt to catch the winners. Whenever below-average performance on the part of any mutual fund is

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funds are invested in various forms of passive strategies including index funds, as opposed to the more traditional actively managed that still constitute the largest share of institutional investments The proportion invested in passive funds varies widely across jurisdictions and fund type.

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occurs when actively managed mutual funds go outside of their described style (i.e., mid-cap value, large cap income, etc.) to increase returns. Such drift hurts portfolios that are built with diversification as a high priority. Drifting into other styles could reduce the overall portfolio's

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charges, which are sometimes passed on to fund investors. Even in the absence of taxes, turnover has both explicit and implicit costs, which directly reduce returns on a dollar-for-dollar basis. Because index funds are passive investments, the turnovers are lower than actively managed funds.

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or implementation rules, such as tax-management, tracking error minimization, large block trading or patient/flexible trading strategies that allow for greater tracking error but lower market impact costs. Index funds may also have rules that screen for social and sustainable criteria.

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cap actively managed mutual fund as of 2015 is 1.15%. If a mutual fund produces 10% return before expenses, taking account of the expense ratio difference would result in an after expense return of 9.9% for the large cap index fund versus 8.85% for the actively managed large cap fund.

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on October 20, 1970 which became effective on July 31, 1972. "The fund organized as an open-end, diversified investment company whose investment objective is to approximate the performance of the Dow Jones Industrial Stock Average", thereby becoming the first index fund.

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U.S. mutual funds are required by law to distribute realized capital gains to their shareholders. If a mutual fund sells a security for a gain, the capital gain is taxable for that year; similarly a realized capital loss can offset any other realized capital gains.

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Bogle started the First Index Investment Trust on December 31, 1975. At the time, it was heavily derided by competitors as being "un-American" and the fund itself was seen as "Bogle's folly". In the first five years of Bogle's company, it made 17 million dollars.

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in Chicago, established the first two Standard and Poor's Composite Index Funds in 1973. Both of these funds were established for institutional clients; individual investors were excluded. Wells Fargo started with $ 5 million from their own pension fund, while

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Scenario: An investor entered a mutual fund during the middle of the year and experienced an overall loss for the next six months. The mutual fund itself sold securities for a gain for the year, therefore must declare a capital gains distribution. The

74:. Equity index funds would include groups of stocks with similar characteristics such as the size, value, profitability and/or geographic location of the companies. A group of stocks may include companies from the United States, Non-US Developed, 478:

The investment objectives of index funds are easy to understand. Once an investor knows the target index of an index fund, what securities the index fund will hold can be determined directly. Managing one's index fund holdings may be as easy as

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Qualidex Fund, Inc., a Florida Corporation, chartered on 05/23/1967 (317247) by Richard A. Beach (BSBA Banking and Finance, University of Florida, 1957) and joined by Walton D. Dutcher Jr., filed a registration statement (2-38624) with the

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and Dean LeBaron at Batterymarch Financial Management "described the idea at a Harvard Business School seminar in 1971, but found no takers until 1973. Two years later, in December 1974, the firm finally attracted its first index client."

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information statements will be subject to punitive US taxation under section 1291 of the US tax code. Note that if a PFIC annual information statement is provided, a careful filing of form 8621 is required to avoid punitive US taxation.

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The relative appeal of index funds, ETFs and other index-replicating investment vehicles has grown rapidly for various reasons ranging from disappointment with underperforming actively managed mandates to the broader tendency towards

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at Wells Fargo harnessed McQuown and Booth's indexing theories, which led to Wells Fargo's pension funds managing over $ 69 billion in 1989 and over $ 565 billion in 1998. In 1996, Wells Fargo sold its indexing operation to

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An index fund's rules of construction clearly identify the type of companies suitable for the fund. The most commonly known index fund in the United States, the S&P 500 Index Fund, is based on the rules established by

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caused by mutual fund rebalancing, making a profit on foreknowledge of the large institutional block orders. This results in profits transferred from investors to algorithmic traders, estimated to be at least 21 to 28

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was quoted as saying that he " believe that the great mass of investors are going to be satisfied with receiving just average returns". Bogle's fund was later renamed the Vanguard 500 Index Fund, which tracks the

681:, are dominated by large company stocks, an index fund may have a high percentage of the fund concentrated in a few large companies. This position represents a reduction of diversity and can lead to increased 2381:—"the number of funds that have beaten the market over their entire histories is so small that the False Discovery Rate test can't eliminate the possibility that the few that did were merely false positives"— 840:

Typically mutual funds supply the correct tax reporting documents for only one country, which can cause tax problems for shareholders citizen to or resident of another country, either now or in the future.

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A small investor selling an ETF to another investor does not cause a redemption on ETF itself; therefore, ETFs are more immune to the effect of forced redemption causing realized capital gains.

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based only on home market indexes, because there may be less correlation between the returns of companies operating in different markets than between companies operating in the same market.

143:, which presented academic findings for the lay public. It was becoming well known in the popular financial press that most mutual funds were not beating the market indices. Malkiel wrote: 554:

funds. In effect, an index, and consequently, all funds tracking an index are announcing ahead of time the trades that they are planning to make, allowing value to be siphoned by

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version of the efficiency hypothesis says that prices reflect information to the point where the marginal benefits of acting on information (the profits to be made) do not exceed

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which are very diversified and do not have a direct interest in the performance of the companies, this emerging "asset manager capitalism" is distinct from the earlier

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ahead of time which stocks will out-perform the market. By creating an index fund that mirrors the whole market the inefficiencies of stock selection are avoided.

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acquired BGI in 2009; the acquisition included BGI's index fund management (both its institutional funds and its iShares ETF business) and its active management.

239:(DFA), and McQuown joined its board of directors. DFA further developed indexed-based investment strategies. Vanguard started its first bond index fund in 1986. 2174: 2117: 2008: 2907: 1734: 2409: 2148: 2047: 1589: 628:, while asset ownership is diversified, it is a small part of the population who invest in funds and a top 1% of the wealth distribution owning 50% of 420:, in the same ratios as the target index. Modification of security holdings happens only periodically, when companies enter or leave the target index. 1715: 1563: 3216: 1902: 508:

diversity and subsequently increase risk. With an index fund, this drift is not possible and accurate diversification of a portfolio is increased.

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A combination of various index mutual funds or ETFs could be used to implement a full range of investment policies from low to high risk.

1278: 2833: 620:. The asset managers usually vote with company managers. Also, as funds invest in most companies in the sector, they would benefit from 1646: 368: 1536: 121:. While their idea for an "Unmanaged Investment Company" garnered little support, it did start off a sequence of events in the 1960s. 2343: 2305: 1510: 1434: 1372: 1336: 813: 491:

Turnover refers to the selling and buying of securities by the fund manager. Selling securities in some jurisdictions may result in

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prices. In an extreme case, there could be economy-wide monopolies where asset managers have "bought the economy". In a regime of

163:. Bogle wrote that his inspiration for starting an index fund came from three sources, all of which confirmed his 1951 research: 1975: 1176: 1018: 2078: 1830: 3224: 3044: 2974: 2826: 2402: 2325: 139: 2932: 2251: 2199: 1422: 3190: 2953: 2685: 2465: 2356: 2204: 567: 58: 1623: 3125: 384: 303: 279: 267: 2108: 2019: 2964: 440:

is a catch-all term referring to improvements to index fund management that emphasize performance, possibly using

3243: 2912: 2881: 2731: 2395: 658: 653: 372: 367:, who created "research indexes" in order to develop asset pricing models, such as their Three Factor Model. The 236: 1745: 3120: 3034: 864: 2015: 1824:"The Price Response to S&P 500 Index Additions and Deletions: Evidence of Asymmetry and a New Explanation" 1686: 67: 282:(EMH) as the fundamental premise that justifies the creation of the index funds. The hypothesis implies that 3195: 3180: 3154: 3149: 2999: 2927: 2869: 2792: 2782: 2631: 2051: 1043: 3175: 3089: 2777: 2621: 559: 242: 219: 2636: 867:

would require the investor to pay tax on the capital gains distribution, regardless of the overall loss.

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realisation of payoffs may make some stock-pickers appear successful. In addition, there have been many

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Braun, Benjamin (18 June 2020). Hacker, J. S.; Hertel-Fernandez, A.; Pierson, P.; Thelen, K. (eds.).

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Eastern time. Index ETFs are also sometimes weighted by revenue rather than market capitalization.

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funds have been among the early adopters of index funds and other passive management strategies.

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Index funds must periodically "rebalance" or adjust their portfolios to match the new prices and

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suggested a value maximization and agency-costs theory for understanding index funds stewardship.

2534: 1858: 1373:"The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy" 1880: 1210:"Warren Buffett just won a $ 1 million bet—and highlighted one of the best ways to grow wealth" 3015: 2736: 2606: 2590: 2479: 2449: 2339: 2321: 2301: 1782: 1506: 1430: 1332: 1307: 1253: 1184: 1152:"Billionaire Warren Buffett swears by this inexpensive investing strategy that anyone can try" 1132: 1091: 932: 895: 604:

or less, but a Morningstar survey found an average of 38 basis points across all index funds.

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index is also affected. A fund may experience less impact by tracking a less popular index.

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Indexing is traditionally known as the practice of owning a representative collection of

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Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific

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Benjamin Braun suggests that, since American stock ownership is concentrated on few big

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Fox, Justin (2011). "Chapter 7: Jack Bogle takes on the performance cult (and wins)".

3237: 3134: 3099: 2984: 2959: 2922: 2887: 2668: 2559: 1987: 1452: 663: 613: 538: 380: 291: 224: 200: 98: 2290: 1022: 3185: 3130: 2937: 2761: 2721: 2626: 2483: 2366: 1907: 735: 551: 533:(80% of the trades of whom involve the top 20% most popular securities) to perform 1976:"As The Index Fund Moves from Heresy to Dogma . . . What More Do We Need To Know?" 1665: 1001:"Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy" 182:

in 1974; as of 2009 it was the largest mutual fund company in the United States.

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False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas

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put in $ 5 million of their pension funds at American National Bank. In 1971,

196: 152: 1786: 1188: 1136: 1095: 2444: 1950: 1801:"Market Reactions to Changes in the S&P 500 Index: An Industry Analysis" 555: 251: 2048:"Building a Globally Efficient Equity Portfolio with Exchange Traded Funds" 1938: 881: 2273: 1398:"The Economist - World News, Politics, Economics, Business & Finance" 1086: 678: 621: 392: 388: 356: 247: 2818: 1127: 751:

across public services and social benefits that followed the 2008-2012

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In particular, the EMH says that economic profits cannot be wrung from

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The first theoretical model for an index fund was suggested in 1960 by

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between the index performance and the fund performance is called the "

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Bogle on Mutual Funds: New Perspectives for the Intelligent Investor

250:, which it operated under the name Barclays Global Investors (BGI). 2387: 2372: 1694: 571:

financial integration between the United States, Asia and Europe."

2969: 2375:—Evidence that stock selection is not a viable investing strategy. 1716:"The Hugely Profitable, Wholly Legal Way to Game the Stock Market" 1044:"Mutual Funds That Consistently Beat the Market? Not One of 2,132" 711: 558:, in a legal practice known as "index front running". Algorithmic 400: 1537:"High-Frequency Firms Tripled Trades in Stock Rout, Wedbush Says" 2315: 2822: 2391: 2317:

Index Funds: The 12-Step Recovery Program for Active Investors

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index funds, and at least 38 to 77 basis points per year for

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Sector and quality positioning and call exposure positioning.

2200:"Frequently Asked Questions About Mutual Fund Share Pricing" 1279:"John Bogle's Advice: Live Long and Prosper, on Index Funds" 1939:"Asset Manager Capitalism as a Corporate Governance Regime" 579:

One problem occurs when a large amount of money tracks the

1521: 2079:"Why Pension Funds Won't Allocate 90 Percent To Passives" 1943:

American Political Economy: Politics, Markets, and Power

1070:"Popular Personal Financial Advice versus the Professors" 2359:—The paper argues that there is a move towards indexing. 734:

suggests that up to 15% of overall assets held by large

1647:"The index premium and its hidden cost for index funds" 1254:"40 years after his "folly," Bogle's index funds reign" 791: 171:' 1975 study, "The Loser's Game"; and Al Ehrbar's 1975 666:

index would be considered diversified, but a bio-tech

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Tracking can be achieved by trying to hold all of the

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index and the fund which is attempting to follow it.

3168: 3113: 3072: 3008: 2856: 2770: 2749: 2694: 2656: 2649: 2599: 2578: 2568: 2512: 2458: 2432: 2425: 1735:"The Weighting Game, and Other Puzzles of Indexing" 2175:"UK Govt. Leading Way For Pensions Using Passives" 2107: 1451: 101:have long been a strong proponent of Index funds. 2168: 2166: 2072: 2070: 2068: 1111:"Asset Management Fees and the Growth of Finance" 2948:Qualifying investor alternative investment fund 1564:"Americans Want More Social Security, Not Less" 782:deal primarily with USA and do not represent a 359:. Less common indexes come from academics like 145: 2357:"Is Stock Picking Declining Around the World?" 2101: 2099: 1855:"Small-Cap Indexing: Popularity Can Be a Pain" 1531: 1529: 689:for an investor who seeks a diversified fund. 2834: 2403: 2320:, IFA Publishing; Updated and Revised, 2015, 2009:"Practice Essentials - Equal Weight Indexing" 780:The examples and perspective in this section 8: 2908:Labour-sponsored venture capital corporation 1901:Tergesen, Anne; Young, Lauren (2004-04-19). 1770:Donnelly, Katelyn Rae; Edward Tower (2009). 159:in 1951, where his senior thesis was titled 2109:"Alarm Bells Ring for Active Fund Managers" 1356:The Economic Role of the Investment Company 161:The Economic Role of the Investment Company 49:Those rules may include tracking prominent 3220: 2841: 2827: 2819: 2653: 2575: 2429: 2410: 2396: 2388: 952:Hirst, Scott; Kastiel, Kobi (2019-05-01). 927: 925: 798:, or create a new section, as appropriate. 1733:Rekenthaler, John (February–March 2011). 1126: 1085: 954:"Corporate Governance by Index Exclusion" 814:Learn how and when to remove this message 763:Comparison of index funds with index ETFs 710:is the process of determining the mix of 1986:. Bogle Financial Center. Archived from 1375:. Bogle Financial Center. Archived from 1306:. USA: HarperCollins. pp. 111–112. 167:'s 1974 paper, "Challenge to Judgment"; 921: 235:In 1981, Booth and Sinquefield started 2141:"Institutional Investors Look to ETFs" 1616:"What's driving the Total Return ETF?" 755:. Public-sector pensions and national 697:Asset allocation and achieving balance 1469:"How This Man Manages $ 69 Billion". 854:U.S. capital gains tax considerations 537:by anticipating and trading ahead of 7: 525:of the underlying securities in the 343:Index funds are available from many 2077:Rachael Revesz (27 November 2013). 1687:"Understanding index front running" 1019:"2014 Investment Company Fact Book" 203:before 2001, which it did in 2000. 178:article on indexing. Bogle founded 2336:The Bogleheads' Guide to Investing 1177:"Why Buffett bats for index funds" 588:Possible tracking error from index 347:. Some common indices include the 27:Fund representing a specific index 25: 1879:Arvedlund, Erin E. (2006-04-03). 1588:Amery, Paul (November 11, 2010). 1208:CFP®, Emmie Martin (2018-01-03). 726:Pension investment in index funds 3219: 3212: 3211: 2503: 1744:. pp. 52–56. Archived from 1331:. W. W. Norton. pp. 226–7. 1115:Journal of Economic Perspectives 1074:Journal of Economic Perspectives 880: 836:International tax considerations 771: 673:Since some indices, such as the 483:every six months or every year. 383:have also created new competing 2330:Taylor Larimore, Mel Lindauer, 2274:"Instructions for US form 8621" 2120:from the original on 2022-12-10 1881:"Keeping Costs Down - Barron's" 1693:. The TRADE Ltd. Archived from 1614:Salmon, Felix (July 18, 2012). 1360:. Princeton University Library. 1304:The Myth of the Rational Market 1234:"Warren Buffett on Index Funds" 1175:Krishnan, Aarati (2022-08-07). 340:", or, colloquially, "jitter". 3045:Socially responsible investing 2975:Split capital investment trust 2369:'s introduction to index funds 1903:"Index Funds Aren't All Equal" 1562:Siedle, Ted (March 25, 2013). 1503:A Random Walk Down Wall Street 1329:A Random Walk Down Wall Street 976:"Can Anybody Beat the Market?" 369:Fama–French three-factor model 140:A Random Walk Down Wall Street 1: 2933:Open-ended investment company 2808:Money-weighted rate of return 2173:Rachael Revesz (7 May 2014). 1666:10.1016/j.jempfin.2010.10.002 1421:Ferri, Richard (2006-12-22). 845:Implications for US investors 529:that they track. This allows 448:Lower cost, issue selection, 375:to design their index funds. 197:Standard and Poor's 500 Index 3191:Returns-based style analysis 2954:Real estate investment trust 2686:Real estate investment trust 2466:Real estate investment trust 2310:Mark T. Hebner, Foreword by 2205:Investment Company Institute 2179:Journal of Indexes - ETF.com 1654:Journal of Empirical Finance 1483:Grossman and Stiglitz (1980) 1454:Common Sense on Mutual Funds 958:Boston University Law Review 732:World Pensions Council (WPC) 568:Bridgeway Capital Management 268:market efficiency hypothesis 59:Dow Jones Industrial Average 3126:Efficient-market hypothesis 2289:'s 2004 Annual Report; see 2139:Mike Foster (6 June 2014). 2106:Chris Flood (11 May 2014). 1541:Bloomberg/Financial Advisor 1109:Malkiel, Burton G. (2013). 999:Hirst, Scott (2019-09-01). 794:, discuss the issue on the 385:fundamentally based indexes 280:efficient-market hypothesis 3260: 2965:Short-term investment fund 2480:Mezzanine investment funds 2363:The Lowdown on Index Funds 1150:Pisani, Bob (2022-10-03). 730:Research conducted by the 700: 651: 387:based on such criteria as 3209: 2913:Listed investment company 2882:Fonds commun de placement 2732:Sovereign investment fund 2501: 2016:S&P Dow Jones Indices 1645:Petajisto, Antti (2011). 1352:Bogle, John (1950–1951). 654:Diversification (finance) 373:Dimensional Fund Advisors 237:Dimensional Fund Advisors 68:S&P Dow Jones Indices 3121:Arbitrage pricing theory 1005:ECGI - Law Working Paper 933:"Reasonable Investor(s)" 608:Asset manager capitalism 3196:Traditional investments 3181:Commodity pool operator 3155:Noisy market hypothesis 3150:Modern portfolio theory 3000:Unitised insurance fund 2928:Open-ended fund company 2870:Common contractual fund 2793:Assets under management 2783:Traditional investments 2778:Alternative investments 2379:"The Prescient Are Few" 2250:Gianni, Monica (2014). 1423:"All About Index Funds" 1327:Burton Malkiel (1973). 1068:Choi, James J. (2022). 248:Barclays Bank of London 117:, both students at the 3176:Alternative investment 3090:Institutional investor 2607:Long/short equity fund 1505:, W. W. Norton, 1996, 560:high-frequency traders 527:stock or other indexes 517:Losses to arbitrageurs 243:Frederick L. A. Grauer 220:American National Bank 150: 2990:Unit investment trust 2850:Investment management 2750:By measure of returns 2727:Sovereign wealth fund 2555:Asset allocation fund 1984:Distinguished Lecture 1951:10.31235/osf.io/v6gue 1913:McGraw-Hill Companies 636:would be an expected 539:stock price movements 523:market capitalization 319:subject to a form of 119:University of Chicago 2980:Tax transparent fund 2876:Exchange-traded fund 2803:Time-weighted return 2676:Exchange-traded fund 2632:Managed futures fund 2476:Venture capital fund 1883:. Online.barrons.com 1450:Bogle, John (1999). 1371:Bogle, John (2006). 1283:Knowledge at Wharton 1087:10.1257/jep.36.4.167 901:Exchange-traded fund 792:improve this section 575:Common market impact 412:Traditional indexing 278:Economists cite the 188:Fidelity Investments 157:Princeton University 44:exchange-traded fund 3035:Manager of managers 2943:Private-equity fund 2707:Private equity fund 2637:Multi-strategy fund 2612:Market neutral fund 2571:investment strategy 2471:Private equity fund 2212:on October 26, 2008 1742:Morningstar Advisor 1522:Index Fund Advisors 1501:Burton G. Malkiel, 1128:10.1257/jep.27.2.97 618:shareholder primacy 566:John Montgomery of 531:algorithmic traders 345:investment managers 3145:Martingale pricing 3055:Thematic investing 3020:passive management 2712:Pooled income fund 2383:The New York Times 2287:Berkshire Hathaway 2083:Journal of Indexes 1691:The Trade Magazine 1048:The New York Times 911:Stock market index 906:Passive management 831:Tax considerations 632:and mutual funds. 598:The Vanguard Group 424:Synthetic indexing 321:passive management 266:said, "I take the 180:The Vanguard Group 3231: 3230: 3009:Investment styles 2816: 2815: 2745: 2744: 2737:Urban wealth fund 2672: 2645: 2644: 2627:Global macro fund 2622:Event-driven fund 2591:Stable value fund 2499: 2498: 2487: 2450:Money market fund 2252:"PFICs Gone Wild" 1919:on April 26, 2004 1590:"Know Your Enemy" 1543:. August 12, 2011 1313:978-0-06-059903-4 896:Enhanced indexing 824: 823: 816: 493:capital gains tax 442:active management 438:Enhanced indexing 433:Enhanced indexing 333:active management 206:John McQuown and 72:S&P 500 Index 16:(Redirected from 3251: 3244:Investment funds 3223: 3222: 3215: 3214: 3064:growth investing 3030:Impact investing 2898:Investment trust 2843: 2836: 2829: 2820: 2666: 2654: 2576: 2525:Target date fund 2507: 2473: 2430: 2419:Investment funds 2412: 2405: 2398: 2389: 2278: 2277: 2270: 2264: 2263: 2247: 2241: 2240: 2238: 2237: 2227: 2221: 2220: 2218: 2217: 2208:. Archived from 2196: 2190: 2189: 2187: 2185: 2170: 2161: 2160: 2158: 2156: 2147:. Archived from 2136: 2130: 2129: 2127: 2125: 2111: 2103: 2094: 2093: 2091: 2089: 2074: 2063: 2062: 2060: 2059: 2050:. Archived from 2040: 2034: 2033: 2031: 2030: 2024: 2018:. Archived from 2013: 2005: 1999: 1998: 1996: 1995: 1968: 1962: 1961: 1959: 1957: 1934: 1928: 1927: 1925: 1924: 1915:. 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Archived from 1611: 1605: 1604: 1602: 1600: 1594:IndexUniverse.eu 1585: 1579: 1578: 1576: 1574: 1559: 1553: 1552: 1550: 1548: 1533: 1524: 1519: 1513: 1499: 1493: 1490: 1484: 1481: 1475: 1474: 1466: 1460: 1459: 1457: 1447: 1441: 1440: 1418: 1412: 1411: 1409: 1408: 1394: 1388: 1387: 1385: 1384: 1368: 1362: 1361: 1354:"Senior Thesis, 1349: 1343: 1342: 1324: 1318: 1317: 1299: 1293: 1292: 1290: 1289: 1275: 1269: 1268: 1266: 1265: 1250: 1244: 1243: 1241: 1240: 1230: 1224: 1223: 1221: 1220: 1205: 1199: 1198: 1196: 1195: 1172: 1166: 1165: 1163: 1162: 1147: 1141: 1140: 1130: 1106: 1100: 1099: 1089: 1065: 1059: 1058: 1056: 1055: 1040: 1034: 1033: 1031: 1030: 1021:. Archived from 1015: 1009: 1008: 996: 990: 989: 987: 986: 972: 966: 965: 949: 943: 942: 940: 939: 929: 890: 885: 884: 819: 812: 808: 805: 799: 775: 774: 767: 708:Asset allocation 703:Asset allocation 630:corporate equity 626:common ownership 482: 407:Indexing methods 76:emerging markets 21: 3259: 3258: 3254: 3253: 3252: 3250: 3249: 3248: 3234: 3233: 3232: 3227: 3205: 3164: 3109: 3105:Performance fee 3095:Net asset value 3085:Fund governance 3080:Closed-end fund 3068: 3004: 2861: 2859: 2852: 2847: 2817: 2812: 2788:Net asset value 2766: 2757:Absolute return 2741: 2690: 2681:Closed-end fund 2641: 2595: 2564: 2508: 2495: 2454: 2421: 2416: 2353: 2348: 2338:, Wiley, 2006, 2332:Michael LeBoeuf 2312:Harry Markowitz 2281: 2272: 2271: 2267: 2249: 2248: 2244: 2235: 2233: 2229: 2228: 2224: 2215: 2213: 2198: 2197: 2193: 2183: 2181: 2172: 2171: 2164: 2154: 2152: 2151:on 15 July 2014 2138: 2137: 2133: 2123: 2121: 2105: 2104: 2097: 2087: 2085: 2076: 2075: 2066: 2057: 2055: 2042: 2041: 2037: 2028: 2026: 2022: 2011: 2007: 2006: 2002: 1993: 1991: 1982:Gary P. Brinson 1970: 1969: 1965: 1955: 1953: 1936: 1935: 1931: 1922: 1920: 1900: 1899: 1895: 1886: 1884: 1878: 1877: 1873: 1864: 1862: 1853: 1852: 1848: 1839: 1837: 1833: 1826: 1822: 1821: 1817: 1808: 1806: 1803: 1799: 1798: 1794: 1774: 1769: 1768: 1764: 1754: 1752: 1751:on 29 July 2013 1748: 1737: 1732: 1731: 1727: 1714: 1713: 1709: 1700: 1698: 1685: 1684: 1680: 1670: 1668: 1649: 1644: 1643: 1639: 1629: 1627: 1613: 1612: 1608: 1598: 1596: 1587: 1586: 1582: 1572: 1570: 1561: 1560: 1556: 1546: 1544: 1535: 1534: 1527: 1520: 1516: 1500: 1496: 1491: 1487: 1482: 1478: 1468: 1467: 1463: 1449: 1448: 1444: 1437: 1420: 1419: 1415: 1406: 1404: 1396: 1395: 1391: 1382: 1380: 1370: 1369: 1365: 1351: 1350: 1346: 1339: 1326: 1325: 1321: 1314: 1301: 1300: 1296: 1287: 1285: 1277: 1276: 1272: 1263: 1261: 1252: 1251: 1247: 1238: 1236: 1232: 1231: 1227: 1218: 1216: 1207: 1206: 1202: 1193: 1191: 1174: 1173: 1169: 1160: 1158: 1149: 1148: 1144: 1108: 1107: 1103: 1067: 1066: 1062: 1053: 1051: 1042: 1041: 1037: 1028: 1026: 1017: 1016: 1012: 998: 997: 993: 984: 982: 974: 973: 969: 951: 950: 946: 937: 935: 931: 930: 923: 919: 888:Business portal 886: 879: 876: 856: 847: 838: 833: 820: 809: 803: 800: 789: 776: 772: 765: 753:Great Recession 740:social security 728: 705: 699: 687:investment risk 659:Diversification 656: 650: 648:Diversification 642:monetary policy 634:Wage stagnation 610: 590: 577: 535:index arbitrage 519: 514: 502: 489: 487:Lower turnovers 480: 476: 467: 462: 435: 426: 414: 409: 329: 312: 260: 258:Economic theory 252:Blackrock, Inc. 229:Jeremy Grantham 216:Rex Sinquefield 155:graduated from 107: 80:frontier market 28: 23: 22: 18:Index investing 15: 12: 11: 5: 3257: 3255: 3247: 3246: 3236: 3235: 3229: 3228: 3210: 3207: 3206: 3204: 3203: 3198: 3193: 3188: 3183: 3178: 3172: 3170: 3169:Related topics 3166: 3165: 3163: 3162: 3157: 3152: 3147: 3142: 3128: 3123: 3117: 3115: 3111: 3110: 3108: 3107: 3102: 3097: 3092: 3087: 3082: 3076: 3074: 3070: 3069: 3067: 3066: 3057: 3052: 3050:Social trading 3047: 3042: 3040:Social finance 3037: 3032: 3027: 3022: 3012: 3010: 3006: 3005: 3003: 3002: 2997: 2992: 2987: 2982: 2977: 2972: 2967: 2962: 2957: 2951: 2945: 2940: 2935: 2930: 2925: 2920: 2915: 2910: 2905: 2900: 2895: 2890: 2885: 2879: 2873: 2866: 2864: 2854: 2853: 2848: 2846: 2845: 2838: 2831: 2823: 2814: 2813: 2811: 2810: 2805: 2800: 2798:Rate of return 2795: 2790: 2785: 2780: 2774: 2772: 2771:Related topics 2768: 2767: 2765: 2764: 2759: 2753: 2751: 2747: 2746: 2743: 2742: 2740: 2739: 2734: 2729: 2724: 2719: 2717:Endowment fund 2714: 2709: 2704: 2698: 2696: 2692: 2691: 2689: 2688: 2683: 2678: 2673: 2660: 2658: 2651: 2647: 2646: 2643: 2642: 2640: 2639: 2634: 2629: 2624: 2619: 2614: 2609: 2603: 2601: 2597: 2596: 2594: 2593: 2588: 2586:Long-only fund 2582: 2580: 2573: 2566: 2565: 2563: 2562: 2557: 2552: 2547: 2542: 2537: 2532: 2527: 2522: 2516: 2514: 2510: 2509: 2502: 2500: 2497: 2496: 2494: 2493: 2488: 2468: 2462: 2460: 2456: 2455: 2453: 2452: 2447: 2442: 2436: 2434: 2427: 2426:By asset class 2423: 2422: 2417: 2415: 2414: 2407: 2400: 2392: 2386: 2385: 2376: 2370: 2360: 2352: 2351:External links 2349: 2347: 2346: 2328: 2308: 2300:, Dell, 1994, 2294: 2282: 2280: 2279: 2265: 2242: 2222: 2191: 2162: 2145:Financial News 2131: 2095: 2064: 2035: 2000: 1974:(2004-04-13). 1972:Bogle, John C. 1963: 1929: 1893: 1871: 1846: 1815: 1792: 1762: 1725: 1722:. 7 July 2015. 1707: 1678: 1660:(2): 271–288. 1637: 1606: 1580: 1554: 1525: 1514: 1494: 1485: 1476: 1461: 1442: 1435: 1413: 1389: 1363: 1344: 1337: 1319: 1312: 1294: 1270: 1245: 1225: 1200: 1167: 1142: 1101: 1080:(4): 167–192. 1060: 1035: 1010: 991: 967: 944: 920: 918: 915: 914: 913: 908: 903: 898: 892: 891: 875: 872: 855: 852: 846: 843: 837: 834: 832: 829: 822: 821: 786:of the subject 784:worldwide view 779: 777: 770: 764: 761: 749:cost reduction 727: 724: 701:Main article: 698: 695: 652:Main article: 649: 646: 614:asset managers 609: 606: 589: 586: 576: 573: 518: 515: 513: 510: 501: 500:No style drift 498: 488: 485: 475: 472: 466: 463: 461: 458: 457: 456: 453: 434: 431: 425: 422: 413: 410: 408: 405: 379:and Professor 365:Kenneth French 338:tracking error 328: 325: 311: 308: 273:marginal costs 259: 256: 208:David G. Booth 192:Edward Johnson 165:Paul Samuelson 135:Burton Malkiel 115:Paul Feldstein 111:Edward Renshaw 106: 103: 95:Warren Buffett 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3256: 3245: 3242: 3241: 3239: 3226: 3218: 3208: 3202: 3199: 3197: 3194: 3192: 3189: 3187: 3184: 3182: 3179: 3177: 3174: 3173: 3171: 3167: 3161: 3158: 3156: 3153: 3151: 3148: 3146: 3143: 3140: 3136: 3132: 3129: 3127: 3124: 3122: 3119: 3118: 3116: 3112: 3106: 3103: 3101: 3100:Open-end fund 3098: 3096: 3093: 3091: 3088: 3086: 3083: 3081: 3078: 3077: 3075: 3071: 3065: 3061: 3058: 3056: 3053: 3051: 3048: 3046: 3043: 3041: 3038: 3036: 3033: 3031: 3028: 3026: 3023: 3021: 3017: 3014: 3013: 3011: 3007: 3001: 2998: 2996: 2993: 2991: 2988: 2986: 2985:Umbrella fund 2983: 2981: 2978: 2976: 2973: 2971: 2968: 2966: 2963: 2961: 2960:Royalty trust 2958: 2955: 2952: 2949: 2946: 2944: 2941: 2939: 2936: 2934: 2931: 2929: 2926: 2924: 2923:Offshore fund 2921: 2919: 2916: 2914: 2911: 2909: 2906: 2904: 2901: 2899: 2896: 2894: 2891: 2889: 2888:Fund of funds 2886: 2883: 2880: 2877: 2874: 2871: 2868: 2867: 2865: 2863: 2855: 2851: 2844: 2839: 2837: 2832: 2830: 2825: 2824: 2821: 2809: 2806: 2804: 2801: 2799: 2796: 2794: 2791: 2789: 2786: 2784: 2781: 2779: 2776: 2775: 2773: 2769: 2763: 2760: 2758: 2755: 2754: 2752: 2748: 2738: 2735: 2733: 2730: 2728: 2725: 2723: 2720: 2718: 2715: 2713: 2710: 2708: 2705: 2703: 2700: 2699: 2697: 2695:Institutional 2693: 2687: 2684: 2682: 2679: 2677: 2674: 2670: 2669:Open-end fund 2665: 2662: 2661: 2659: 2655: 2652: 2650:By structures 2648: 2638: 2635: 2633: 2630: 2628: 2625: 2623: 2620: 2618: 2615: 2613: 2610: 2608: 2605: 2604: 2602: 2598: 2592: 2589: 2587: 2584: 2583: 2581: 2577: 2574: 2572: 2567: 2561: 2560:Fund of funds 2558: 2556: 2553: 2551: 2550:Balanced fund 2548: 2546: 2543: 2541: 2538: 2536: 2533: 2531: 2528: 2526: 2523: 2521: 2518: 2517: 2515: 2511: 2506: 2492: 2489: 2485: 2481: 2477: 2472: 2469: 2467: 2464: 2463: 2461: 2457: 2451: 2448: 2446: 2443: 2441: 2438: 2437: 2435: 2431: 2428: 2424: 2420: 2413: 2408: 2406: 2401: 2399: 2394: 2393: 2390: 2384: 2380: 2377: 2374: 2371: 2368: 2364: 2361: 2358: 2355: 2354: 2350: 2345: 2344:0-471-73033-5 2341: 2337: 2333: 2329: 2327: 2323: 2319: 2318: 2313: 2309: 2307: 2306:0-440-50682-4 2303: 2299: 2295: 2292: 2288: 2284: 2283: 2275: 2269: 2266: 2261: 2257: 2253: 2246: 2243: 2232: 2226: 2223: 2211: 2207: 2206: 2201: 2195: 2192: 2180: 2176: 2169: 2167: 2163: 2150: 2146: 2142: 2135: 2132: 2119: 2115: 2110: 2102: 2100: 2096: 2084: 2080: 2073: 2071: 2069: 2065: 2054:on 2018-11-16 2053: 2049: 2045: 2039: 2036: 2025:on 2014-05-12 2021: 2017: 2010: 2004: 2001: 1990:on 2007-03-13 1989: 1985: 1983: 1977: 1973: 1967: 1964: 1952: 1948: 1944: 1940: 1933: 1930: 1918: 1914: 1910: 1909: 1904: 1897: 1894: 1882: 1875: 1872: 1861:on 2015-04-02 1860: 1856: 1850: 1847: 1836:on 2014-06-06 1832: 1825: 1819: 1816: 1802: 1796: 1793: 1788: 1784: 1780: 1773: 1766: 1763: 1747: 1743: 1736: 1729: 1726: 1721: 1720:Bloomberg.com 1717: 1711: 1708: 1697:on 2008-10-23 1696: 1692: 1688: 1682: 1679: 1667: 1663: 1659: 1655: 1648: 1641: 1638: 1625: 1621: 1617: 1610: 1607: 1595: 1591: 1584: 1581: 1569: 1565: 1558: 1555: 1542: 1538: 1532: 1530: 1526: 1523: 1518: 1515: 1512: 1511:0-393-03888-2 1508: 1504: 1498: 1495: 1492:Jensen (1978) 1489: 1486: 1480: 1477: 1472: 1465: 1462: 1456: 1455: 1446: 1443: 1438: 1436:9780071423380 1432: 1428: 1424: 1417: 1414: 1403: 1402:The Economist 1399: 1393: 1390: 1379:on 2013-05-07 1378: 1374: 1367: 1364: 1359: 1357: 1348: 1345: 1340: 1338:0-393-05500-0 1334: 1330: 1323: 1320: 1315: 1309: 1305: 1298: 1295: 1284: 1280: 1274: 1271: 1259: 1255: 1249: 1246: 1235: 1229: 1226: 1215: 1211: 1204: 1201: 1190: 1186: 1182: 1178: 1171: 1168: 1157: 1153: 1146: 1143: 1138: 1134: 1129: 1124: 1121:(2): 97–108. 1120: 1116: 1112: 1105: 1102: 1097: 1093: 1088: 1083: 1079: 1075: 1071: 1064: 1061: 1049: 1045: 1039: 1036: 1025:on 2016-06-20 1024: 1020: 1014: 1011: 1006: 1002: 995: 992: 981: 977: 971: 968: 963: 959: 955: 948: 945: 934: 928: 926: 922: 916: 912: 909: 907: 904: 902: 899: 897: 894: 893: 889: 883: 878: 873: 871: 868: 866: 860: 853: 851: 844: 842: 835: 830: 828: 818: 815: 807: 804:December 2020 797: 793: 787: 785: 778: 769: 768: 762: 760: 758: 754: 750: 744: 741: 738:and national 737: 736:pension funds 733: 725: 723: 720: 717: 713: 709: 704: 696: 694: 690: 688: 684: 680: 676: 671: 669: 665: 664:Wilshire 5000 660: 655: 647: 645: 643: 639: 635: 631: 627: 623: 619: 615: 607: 605: 603: 599: 596:According to 594: 587: 585: 582: 574: 572: 569: 564: 561: 557: 553: 549: 546:annually for 545: 540: 536: 532: 528: 524: 516: 512:Disadvantages 511: 509: 506: 499: 497: 494: 486: 484: 473: 471: 464: 459: 454: 451: 447: 446: 445: 443: 439: 432: 430: 423: 421: 419: 411: 406: 404: 402: 398: 394: 390: 386: 382: 381:Jeremy Siegel 378: 377:Robert Arnott 374: 370: 366: 362: 358: 354: 350: 346: 341: 339: 334: 326: 324: 322: 317: 309: 307: 305: 301: 298:expectation; 297: 293: 292:stock picking 288: 285: 284:fund managers 281: 276: 274: 269: 265: 257: 255: 253: 249: 244: 240: 238: 233: 230: 226: 225:Illinois Bell 221: 217: 213: 209: 204: 202: 201:Magellan Fund 198: 193: 189: 183: 181: 177: 175: 170: 169:Charles Ellis 166: 162: 158: 154: 149: 144: 142: 141: 136: 131: 128: 122: 120: 116: 112: 104: 102: 100: 99:John C. 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